Consumer confidence rose by 2.2 percent in July: Index at its highest level since May 2023

The Turkish Statistical Institute (TurkStat) has announced the consumer confidence index data for July. The index, calculated from the results of the Consumer Tendency Survey conducted in cooperation with TurkStat and the Central Bank of the Republic of Turkey (CBRT), rose from 87.9 in June to 89.8 in July.

Recording a 2.2 percent increase on a monthly basis, the index thus reached its highest level since May 2023. The index was at 91.1 in May 2023.

Improvements were generally observed in the sub-indices as well. The index for the current financial situation of households increased by 3 percent in July, rising from 72.3 to 74.5. The index for the financial situation expectation of households for the next 12 months rose by 2 percent, from 89.5 to 91.4.

The index for the general economic situation expectation for the next 12 months also rose from 83.9 in June to 88.3 in July. The monthly increase in this category was calculated at 5.2 percent.

Conversely, the index for the intention to spend on durable consumer goods in the next 12 months saw a limited decline. This index fell from 105.9 in June to 105.1 in July, a decrease of 0.8 percent.